Cryptocurrency regulations across different countries continue to be a hot topic, and Spain is the latest to join in. The nation’s watchdog has asked industry participants, investors, and consumers for their opinion, and they have until April 16th to respond.
Spain’s Regulator Looks for Crypto Legislation
According to a report from La Informacion, The National Securities Market Commission (CNMV), Spain’s watchdog overseeing the securities markets, has initiated the first steps of nationwide crypto regulations.
The process has started by sending emails to representatives of the cryptocurrency industry, investors, and customers. They have less than two weeks to prepare statements with their comments on the proposals and send them back to the agency.
The coverage outlined that the potential regulations could affect almost all areas of the cryptocurrency industry. However, the legislation could exempt some professional activities, assets that are exclusively used as means of payment, and non-fungible tokens (NFTs).
Interestingly, the US also hinted at new rules regarding NFTs recently, but they seemed significantly more strict. The Internal Revenue Service (IRS) may implement taxes on NFT purchases made with profits of digital assets, as CryptoPotato reported recently.
Apart from the aforementioned potential regulations on crypto assets, Spain has also explored developing a central bank digital currency. The country’s central bank said in late 2020 that releasing a CBDC is among the priorities in the next three years.
Regulations in Other Countries
The exponential growth of the entire crypto space in the past year or so has caught the attention of global regulators. Consequently, numerous countries have started looking into inserting legislative frameworks.
Spain’s northern neighbor, France, called for a new and robust approach towards crypto regulations in February this year. The chairman of the nation’s financial regulatory body (AMF) believes that the current legal structures are insufficient when it comes down to new asset classes such as digital currencies.
Continuing north on the map and Britain’s Finance Minister, John Glen, urged the country to firstly focus on regulating stablecoins rather than the entire market, while the FCA has repeatedly issued warnings.
In some countries, such as South Korea, the implemented regulations have caused troubles for some of the firms operating within their borders. The East Asian nation introduced new AML legislation last month, and several cryptocurrency exchanges announced closing doors for their respective South Korean branches in response.